This is legal information only. For advice on your own circumstances, speak to a lawyer.
Relief from capital gains tax on a family home, claimable for years the property was your principal residence.
The Canadian position
One property per family per year. The exemption can be claimed on the final return.
Rental or vacation properties generally do not qualify for the full exemption.
The Islamic position
It reduces the estate's tax bill, leaving more to divide by the shares.
It has no effect on entitlement, only on the size of the pool.
Note
This is legal information only. For advice on your own circumstances, speak to a lawyer.
Citations & sources
Every factual claim on this page traces to a source below. Details change — check the original source before relying on any figure, fee or legal position. Anything under “further reading” is related material, not a source for what is stated here.
Canadian legislation & government
- Principal residence exemption — Canada Revenue Agency
- What to do when someone has died — Canada Revenue Agency
- Income Tax Act, RSC 1985, c 1 (5th Supp) — Justice Laws Canada
Further reading — Treadstone Law
- Principal residence exemption trust — Treadstone Law
- Two properties principal residence designation — Treadstone Law
- Multiplying capital gains exemption family trust canada — Treadstone Law
- Estate tax on rental property ontario — Treadstone Law
- Wills & estates practice — Treadstone Law